Word: upturn
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...savings banks withdraw their funds and put them into better-paying investments such as Treasury bills. According to experts in the Federal Home Loan Bank Board system, which supervises S and Ls, the process has already begun. Result: the housing industry, which was beginning to show signs of an upturn-1.8 million starts in February v. 1.4 million in December-could well be hammered down again...
...report: Nixon was "on top of his job." He had the facts, and "he is a very clear-thinking realist." But even her enthusiastic portrayal of the President blurred into generalities. "He thinks we will be out from under the energy crisis, the economy will be on the upturn...
...meeting last week, the Board members revised only slightly their specific forecasts for 1974. Several who had looked forward to an upturn starting at midyear now think it will be delayed until the fourth quarter. That will produce only 1% real growth or less-.3% says IBM's David Grove. But most cling to forecasts that unemployment will peak at about 6% (Nathan, an exception, guesses 7% or more) and that consumer prices this year will average close to 9% higher than in 1973. Though scarcely cheery, those latter predictions are little worse than those made a few months...
What is new is a tone of deeper worry than the economists were expressing at the end of 1973. Several concede that the economy could go down longer and deeper than they expect. While predicting a strong upturn at the end of the year, Eckstein volunteers that it may not happen. "It is possible that the economy will just keep on fading," he says. "Then we will be sitting here with the worst recession since 1958 and one that would be more worrisome because it would have gone on longer." Alan Greenspan, a Nixon adviser who does...
...election campaign. Smith showed up at his office overlooking Manhattan's East River by 8 a.m. the next morning, greeting old friends and pecking out the brief, curt notes to American executives for which he became famous. Said an official of the airline: "Employee morale took an upturn in the last 24 hours the like of which has not been seen here in years...